U2 frontman-turned-poverty campaigner Bono launched a scathing attack on companies fighting demands for more disclosure about their activities on a Davos panel chaired by David Cameron.

Sitting alongside the prime minister at the World Economic Forum, Bono said: "Some of the criminals around here are not wearing ski masks, they are wearing skis."

Bono referred to the "evil twins" that the business community needs to tackle – opacity in the extractive industry and the ability of companies to hide their assets in companies registered in secretive tax havens.

US companies are now required to disclose how much they pay for mining rights – a move being restricted by some of them – while the EU is also taking steps to force companies to show their beneficial owners.

Cameron was congratulated by Bono for maintaining the UK's aid budget during the recession.